Application process for the winter semester 2019/20 has started



MSc Finance, Insurance and Risk Management


The ICN Business School Nancy-Metz is one of just a handful of French business schools to offer a specialization in Finance, Insurance and Risk Management.

In the aftermath of the recent financial crisis, most organizations in finance are facing a lot of challenges and therefore, are undergoing major changes. These organizations are actively seeking postgraduates who are disciplined in banking and insurance.
At the end of the specialization the students are able to understand and apply the methods used by financial economists. The specialization begins by giving a thorough understanding of the theoretical basics before allowing students to broaden their knowledge through the participation in advanced modules.
In detail, on the one hand the specialization deals with the necessary theoretical and institutional basics in banking and insurance. On the other hand specific topics in banking and insurance are subject of the specialization.




First year (Master 1): September - December

ARTEM Workshop: Promoting cultural diversity   5
Project Management   2
Organisational behaviour   2
Intercultural Communication   2
Management accounting   2
Strategic Marketing   2
Investment and financing decisions   2
Cost accounting   2
Information Systems Management   2
Business environment   2
Data analysis   4
Professional skills   1
Foreign language   2

First year (Master 1): Janurary - May

Banking   4
Compliance, Law and Regulation in Insurance   4
Principles of Risk Management and Insurance   4
ARTEM Workshop:EU-FR-DE: Promoting cultural diversity   5
Strategic Analysis   2
Risk & Company Valuation   2
Industrial and Services Marketing   2
Intercultural Management   1
Organisational Design   2
Elective   2
Foreign Language   2

Second year (Master 2): September - December*

* Students who take Master 2 in Nuremberg stay until February (mandatory)

Financial Modeling and Research Methods (including R and Excel VBA)   4
Quantitative Risk Modeling   4
Advanced Topics in Insurance   4
Structured Finance and Valuation of Credit Derivatives   3
Arts, Sciences, Business   2
Research methodology   1
Elective   2
Risk Management   2
Strategic Management   2
Management of early growth and performance   2
Leadership   2
Governance, Ethics, and CSR   2

Second year (Master 2): January - February*

* Students who take Master 2 in Nuremberg stay until February (mandatory)

Topics in (Operational) Asset Management   4
Financial Innovations (FinTechs, Big Data, Cybersecurity)   4
Behavioral Finance and the Architecture of Finance   3
Advanced Topics in Compliance/Law/Regulation and Finance   3
International Market Microstructure   3
Sustainability and Responsibility in Asset Management   3
Internship (from March)   13
Seminar   2
Master Thesis   15


Scientific coordinator: Prof. Dr. Stefan Stöckl


Stefan Stöckl has been an Associate Professor of Finance, Insurance & Risk Management at ICN Business School since April 2014.

After training as a qualified bank official and studying Business Administration majoring Finance and Banking, Audit and Controlling as well as Economics of the Health System at the University of Augsburg/Germany from 2002 to 2006 he was awarded a doctorate (Dr. rer. pol.) by Prof. Dr. Manfred Steiner at the University of Augsburg in 2009 (mark "summa cum laude").

After that, he worked as an Assistant Professor at the FIM Research Center at the University of Augsburg from 04/2010 to 09/2012.

Moreover, he represented both the chair of Corporate Finance and the chair of Finance at the University of Konstanz as a Stand-in Professor from 10/2012 to 03/2014. Furthermore, he successfully completed a visiting scholarship at the Erasmus School of Law (Erasmus University Rotterdam).

Moreover, Stefan Stöckl has/had diverse teaching assignments (e.g. for the Universities of Augsburg and Konstanz, the German University in Cairo – GUC and the Hochschule Fresenius – University of Applied Sciences).

Amongst others, he gives/gave lectures entitled Advanced Corporate Finance, Environmental Economics, Investment Analysis, Managerial Finance, Principles of Economics and Stochastics.

His research and teaching interest include the main topics Accounting and Finance, especially Corporate Finance, Capital Markets, International Finance, Management and Financial Accounting as well as Accounting Standards (IFRS, US-GAAP).

In addition, there is a cooperation with the research group of Prof. Dr. Andreas Rathgeber, which is located at the Institute of Materials Resource Management (MRM) at the University of Augsburg. Amongst other things, the cooperation includes common research and joint supervision of bachelor/master theses.


Selected publications


“Determinants of Corporate Hedging: A (Statistical) Meta-Analysis“, with Arnold, M. and Rathgeber, A. In: The Quarterly Review of Economics and Finance, 54, 4, 2014, pp. 443-458.


“Modelling share returns - an empirical study on the Variance Gamma model“, with Rathgeber, A. and Stadler, J., forthcoming in “Journal of Economics and Finance”.


“Pricing anomaly at the first sight: Same borrower in different currencies faces different credit spreads - An explanation by means of a quanto option”, with Rathgeber, A. and Rudolph, D., forthcoming in “Review of Derivatives Research”.


“Pricing fx forwards in OTC markets – new evidence of pricing mechanism when faced with counterparty risk”, with Leonhardt, A., Rathgeber, A. and Stadler, J., forthcoming in “Applied Economics”.


“Recovery rate in the event of an issuer’s insolvency – empirical study on implications for the pricing of credit default risks in German corporate bonds”, with Friesenegger, A. and Rathgeber A., forthcoming in “Review of Pacific Basin Financial Markets and Policies”.


“Value orientation in process management – Research gap and contribution to economically well-founded decisions in process management”, with Buhl, H. U., Braunwarth, K. and Röglinger, M. In: Business & Information Systems Engineering, 3, 3, 2011, pp. 163-172.


“Wertpapiermanagement”, with Steiner, M. and Bruns, C. Schäffer-Poeschel publisher, 10th edition, Stuttgart 2012.


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